US Home Prices Rose by Over 19% in August

US Home Prices , Rose by Over 19%, in August.

In August, home prices in the United States jumped by a near-record amount from just a year earlier.

ABC News reports that the change comes as a result of demand for homes driving up prices.

The S&P CoreLogic Case-Shiller tracks home prices in 20 cities across the U.S. .

Home prices climbed 19.7% in August compared to the same time in 2020.

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In July, that increase was 20% and the largest gain on record going back to 2000.

Home prices have now reached all-time highs in each of the 20 cities tracked by the index.

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ABC News reports that there are signs that the price gains of the past year may be slowing down.

The slowing acceleration in home prices suggests that buyer fatigue is setting in, particularly among higher-priced homes, Selma Hepp, CoreLogic Deputy Chief Economist, via ABC News.

According to mortgage-buyer Freddie Mac, mortgage rates climbed to 3.1% in the last week, the highest they've been since April.

In September, sales of existing homes reportedly jumped 7%.

There were also just 1.27 million houses on the market, down 13% from 2020.

According to the National Association of Realtors, homes are selling in about 17 days after hitting the market.

In September, 86% of homes sold were on the market for under 30 days